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Effect of Financial Skills, Knowledge, and Attitude on The Financial
Behaviour of Clergy
Wasswa Asaph Senoga
Bishop Tucker School of Theology and Divinity, Uganda Christian University, Mukono, Uganda
DOI: https://doi.org/10.51244/IJRSI.2025.120800037
Received: 23 July 2025; Accepted: 29 July 2025; Published: 01 September 2025
ABSTRACT
Financial literacy, covering knowledge, skills, and attitudes toward money, may empower clergy to make more
discerning financial decisions. This study examined how the financial knowledge, skills, and attitudes of clergy
in the Mukono diocese influenced their financial behaviour. The data collection approach employed was
quantitative research, and 94 clergy from the Mukono diocese were selected using purposive sampling. We
employed multiple linear regression analysis. The results reveal that financial knowledge, financial skills, and
financial attitudes all exert a significant effect on financial behaviour. We evaluated hypotheses H1, H2, and H3,
and all three were affirmed. The independent factors X1 (financial skills), X2 (financial knowledge), and X3
(financial attitudes) significantly positively influence the dependent variable (financial behaviour). This survey
indicates that clergy possess considerable financial acumen. Clergy can demonstrate responsibility and
awareness by utilizing their financial skills, knowledge, and attitudes to make more insightful decisions.
Keywords: Financial literacy, financial behaviour, financial attitudes, financial knowledge, financial skills
INTRODUCTION
Financial literacy continues to be seen as an important competency in today’s complex economic landscape.
Defined as the ability to appreciate and effectively apply a collection of financial skills, including investing,
budgeting, saving, insurance, and personal financial management. Financial literacy is important for individuals
in positions of financial stewardship, such as clergy. Clergy often face unique financial challenges, including
variable incomes, the need to manage both church and personal finances, and the moral duty to model sound
financial practices for their congregations. Their financial literacy level can significantly affect their financial
behaviour, which encompasses the actions and decisions made regarding savings, spending, investing, and debt
management.
People who know more about money tend to make better financial decisions, which means they are more
financially stable or well-off (Bajaj & Kaur, 2022; Bajaj & Kaur, 2022; Hwang & Park, 2023; Ingale & Paluri,
2022; Lyons & Kass‐Hanna, 2021; Mitchell & Lusardi, 2023). However, studies show that even those who work
in clerical roles can be financially illiterate and have varying levels of ability and understanding when it comes
to money, and they may also have trouble getting these skills and knowledge (Ayensu, Amoah & Gyawu, 2023;
Clarke, 2024; Irawan et al., 2021). Most people find the world of money intimidating, and clergy in particular,
because they often lack professional training in financial matters and may hold outdated or misguided ideas and
attitudes that influence their financial decisions.
This investigation examines how financial literacy affects the financial behaviour of clergy in Mukono Diocese.
It focuses on four key areas of financial literacy: attitude toward finance, finance knowledge, and finance skills.
Improved financial education for clergy can be developed by taking into account how these factors influence an
individual's financial behavior. When clergy become better financial managers, the church's financial stability
can be better. Moreover, financially literate clergy will be in better position to educate their congregations on
better financial management, thus helping them in making more informed financial decisions.
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
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Problem Statement
Financial literacy, which includes financial skills, knowledge, and attitude, plays a significant role in helping
people manage their finances wisely (Crumroy et al., 2023; Ghimire & Dahal, 2024). Clergy in churches often
face unique financial challenges that necessitate them to manage both their personal and church finances.
Although many clergy engage in important financial tasks such as: managing church financial resources,
handling contributions, and keeping the church financially stable, many clergy have inadequate formal financial
training (Ayensu, Amoah & Gyawu, 2023; Clarke, 2024; Romero, 2025; Hughes, 2025; Irawan et al., 2021).
Inadequate financial literacy usually lead to poor money habits, such as disorganized budgeting, inadequate
saving, mismanagement of debts, and making unwise financial choices for the church. These problems can cause
personal financial stress for clergy and lead to the mismanagement of church funds, which can harm the church's
financial health and reduce congregational trust.
This investigation aims to understand how financial literacy constructs, especially financial skills, knowledge,
and attitude affects the financial behavior of clergy in Mukono Diocese. It looks at whether strengthening
financial literacy can benefit clergy make prudent financial choices in both their personal lives and church roles,
thereby leading to stronger finances and more stable church ministries.
LITERATURE REVIEW AND HYPOTHESES DEVELOPMENT
Financial skills and financial behaviour
Financial skills denote the competencies and knowledge that empower individuals to manage their finances
proficiently (Koskelainen, Tiina, et al., 2023; Mahesa, 2023). These competencies are crucial for making
informed decisions regarding income generation, savings, expenditures, investments, debt management,
financial planning, tax comprehension, ethical decision-making, risk assessment, negotiation, financial analysis,
and borrowing (Kumar, Parul, et al., 2024; Shafiee, Sara, Linda, and Kourosh, 2024; Mishra, 2019). Mastering
these skills enables individuals and organisations to maintain financial stability, plan for the future, and avoid
financial pitfalls.
Financial skills significantly influence financial behaviour because they shape how individuals make decisions
and manage their finances (Hamid & Loke, 2021; Ingale & Paluri, 2022; Sharmila, Ishwar, and Mittal, 2023).
Individuals with strong budgeting skills are more likely to track their income and expenses meticulously (de Oro
City, Cagayan, 2023; Mustafa, Wan Mashumi Wan, et al., 2023). This fosters disciplined spending behaviour,
curbing impulse purchases, and ensuring they live within their means. Conversely, inadequate budgeting skills
can lead to overspending and financial stress.
Individuals who recognise the significance of saving are more inclined to set aside money for emergencies or
future goals such as retirement or education. Those who are financially literate will prioritise saving regularly,
demonstrating responsible financial behaviour, whereas a lack of saving skills may result in living from pay
cheque to pay cheque without a financial cushion.
Individuals with good investment skills tend to engage in proactive wealth-building behaviour. They assess risk,
diversify their portfolios, and make prudent decisions to grow their wealth over time (Qian, 2023; Sajuyigbe,
Ademola, et al., 2024; Tansuchat & Thaicharo, 2025). On the other hand, Celestin & Vanitha (2021; Yousef,
2023) argue that a lack of investment knowledge may lead to either avoiding investments altogether or making
risky, uninformed choices that could lead to financial losses.
Financially skilled individuals understand how to manage debt responsibly. They avoid taking on excessive debt
and ensure timely payments, maintaining a healthy credit score (Artavanis & Karra, 2021; Gilbert, 2021;
Yoganandham, 2025; Zhang & Fan, 2022). Poor debt management skills often result in accumulating high-
interest debts, late payments, or even bankruptcy, reflecting poor financial behaviour.
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Financial planning skills lead to intentional financial behaviour, where individuals set financial goals and create
actionable plans to achieve them. This results in deliberate actions like saving for retirement, buying land, or
funding education (Mustafa et al., 2023; Sinnewe & Nicholson, 2023). Without these skills, people might lack
direction in their financial life, resulting in aimless spending and limited financial growth.
Knowing how taxes work influences behaviour when filing tax returns and claiming deductions. Financially
skilled individuals ensure they comply with tax laws while minimising their tax liabilities through legal strategies
(De Clercq, 2023; Idrus, 2024; Khatniuk et al., 2024). A lack of tax knowledge can lead to non-compliance,
overpayment of taxes, or penalties.
Individuals who understand risk management maintain emergency funds and purchase appropriate insurance
(health, life, property, etc.). This responsible behaviour protects them against unforeseen financial hardships
(Gayol et al., 2021; Majka, 2024; Peng & Zhang, 2021). Without these skills, individuals may find themselves
unprepared for emergencies, leading to financial instability.
Financially literate individuals analyse their financial health by reviewing statements and assessing their
spending patterns or investments. This leads to prudent decision-making, such as reducing unnecessary expenses
or reallocating investments for better returns (Ingale & Paluri, 2022; Lal, et al., 2022; Sinnewe & Nicholson,
2023). Without analysis skills, people may overlook red flags and continue making poor financial decisions.
Skilled negotiators tend to secure better financial deals, whether in contracts, purchases, or employment terms
(Werremeyer, 2023). This reflects a proactive financial behaviour aimed at maximising financial benefit.
According to (Malhotra, 2025; Gates, 2022), poor negotiation skills often result in accepting unfavorable terms
or deals, which can have long-term financial impacts.
People with a strong sense of ethics in finance make decisions that align with moral and ethical standards,
avoiding fraud, corruption, or exploitation (AlKhouri et al., 2024; Baqai, 2024; Tariq, 2024). This builds trust in
personal or institutional finances. Unethical financial decisions, even if they bring short-term gains, can lead to
long-term financial and reputational damage (Kihara, 2024; McGrath et al., 2022; Zhang et al., 2021). In turn,
this research investigates the following hypothesis.
H1: Financial skill has a positive impact on financial behaviour
Financial knowledge and financial behaviour
Financial knowledge denotes to understanding important money-related ideas like interest rates, inflation, risk,
returns, and how interest adds up over time (Banthia & Sanjeeb, 2022; Isimoya & Oluwaleye, 2023; Kim, 2023;
Tiina, et al., 2023). It covers a number of areas, such as personal budgeting, saving, investing, handling debt, tax
awareness, managing risks, and knowledge financial markets operations. According to (Devmurari, Raghav,
2025; Jumady, Edy et al., 2024; Mukherjee, Shrabani, et al., 2024), having good financial knowledge helps
people make smart money decisions, stay out of debt, invest wisely, and plan for the future. Moreover, financial
knowledge also gives confidence to handle complex financial matters and work toward financial independence.
Kuutol, Kwame, Mbonigaba, and Garidzirai, 2024; Johan, Rowlingson & Appleyard, (2021 argue that financial
knowledge is very important in shaping how people handle their money. When individuals comprehend key
financial ideas, they are prone to making smart money choices (Ingale, Kavita, and Ratna, 2022; Katnic, Ivana,
et al., 2024; Lusardi & Messy, 2023; Tyson 2023). This helps them build financial stability, grow their wealth,
and plan for long-term security.
People with budgeting knowledge according to (Bai & Rofan, 2023; Bedford, David, & Roland, 2022; Kuutol,
Kwame, Mbonigaba, & Garidzirai, 2024; Njoki, 2022; Zhang, Yowie, et al., 2022) know how to make a budget
and stick to it. They understand the necessity to balance what they earn and what they spend, set clear spending
priorities, and avoid getting into unnecessary debt (Jumady, Edy, et al., 2024; Yoganandham, 2025).
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Additionally, Gilly et al., 2025; Odhiambo and Otieno, 2023; Prakoso, Teguh & Apriliani, 2024; Yoganandham,
2025) contend that individuals who clearly understand budgeting are prone to track their spending, avoid
extravagance, and focus on what is strictly necessary. Without this knowledge, many people develop poor money
habits, such as buying things on impulse or spending more than they can afford.
Those people with financial knowledge are more likely to set aside a share of their income regularly, establishing
emergency funds and retirement savings (Fan, Lu, and Lini Zhang, 2021; Nam & Loibl, 2021). A lack of this
knowledge often leads to poor saving habits or no savings at all, leaving individuals vulnerable to financial
emergencies.
People who are financially knowledgeable understand how interest rates, repayment terms, and credit scores
work (Collins, J. Michael, et al., 2023; Hamid, Fazelina Sahul, and Yiing, 2021). They know the long-term
implications of high-interest loans and credit card debt.
As a result, these individuals engage in responsible borrowing, only taking on manageable debt, making timely
payments, and maintaining a healthy credit score. Conversely, those without financial knowledge are more prone
to taking on excessive debt, missing payments, or damaging their creditworthiness.
Financially knowledgeable individuals are aware of the different investment options, including bonds, mutual
funds, stocks, and understand risk, diversification, and the potential for compound growth over time (Angrisani,
Marco, and Maria Casanova, 2021; Parsai, Pooja, and Arpita Chandok, 2025).
This leads to more informed investment behaviours, where individuals actively invest for long-term financial
growth and diversification. Without sufficient knowledge, people may avoid investing altogether due to fear of
losses, or they may make risky, uninformed investments that could lead to significant financial losses (Nguyen,
Linh Thi My, et al., 2025; Gerth, Florian, et al., 2021).
Zhang (2025) posits that individuals possessing financial knowledge tend to participate in tax-efficient
behaviours, such as proper filing, taking advantage of tax breaks, and planning for tax payments. Individuals
without this knowledge may miss out on tax-saving opportunities or face penalties for non-compliance (Laurin,
Derek, and Michaud, 2023; Lokanan, 2023).
Financially literate individuals understand the importance of managing risks through insurance and know the
types of insurance (e.g., health, life, property) that can protect against financial loss. This leads to responsible
behaviour, such as buying adequate insurance to safeguard against potential risks and ensuring financial security.
Without this knowledge, people may forgo insurance, leaving them exposed to unforeseen events that could
cause financial ruin.
Financially knowledgeable people usually engage in forward-thinking behaviours, like contributing regularly to
retirement accounts and planning for life after work (Amirul, 2024). Without this knowledge, individuals may
delay saving for retirement, leading to financial challenges in their later years.
People with ethical financial knowledge make decisions that reflect integrity and fairness, whether in personal
finance, business, or lending (Kportorgbi, Aboagye-Otchere, and Kwakye, 2025; Burns, Clare JM, et al., 2023).
Deficiency of this knowledge leads to unethical behaviour, including; engaging in fraud or making morally
questionable financial decisions.
Financial literacy empowers individuals to establish realistic financial goals and advance effective plans to
achieve them. This includes knowing how to save, invest, and use resources wisely. According to Armstrong,
2025; Burns et al., 2023; Jumady, et al. 2024: Ochieng, 2023), individuals proficient in financial matters are
prone to take action, such as devising a strategic plan for their goals and making amendments when need arises.
A lot of people may find it challenging to manage their finances proficiently and may fail to attain their long-
term financial objectives in the absence of this understanding.
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Knowing the different tools, resources, and methods in the financial field helps people deal with money
challenges, like handling debt or choosing the ideal investments. People who have good financial knowledge
according to (Mitra & De, 2025; Tansuchat & Thaicharo, 2025; Trevino & Nelson, 2021; Tyson, 2023) are more
likely to think carefully, look for the right information, and make smart decisions. Conversely, those who lack
this knowledge may make quick, poor decisions that could escalate their financial predicaments. This study
therefore, investigates the following hypothesis.
H2: Financial knowledge has a positive impact on financial behaviour
Financial attitude and financial behaviour
Financial attitude relates to how a person thinks and feels in regards to money and financial matters (Chandra &
Pamungkas, 2023; Dai, Kostini & Tresna, 2021; Sesini & Lozza, 2023). It includes personal beliefs and views
that affect how someone makes money-related decisions, their ability to take risks, whether they avoid debt, how
they manage, choose to save, spend, invest, or borrow finances. These attitudes play a considerable part in
shaping financial behaviour and strongly affect on a person’s overall financial success.
According to Csiszárik-Kocsir (2023), Ratnawati et al. (2023), and Tyson (2023), people who have a positive
attitude toward saving prefer to safeguard finances for the future and invest in opportunities that allow them to
grow financially over time. Those who maintain negative perception of saving, on the other hand, may end up
with negligible or no savings and miss chances to build wealth (Almeberg et al., 2021; Deaton, 2024;
Tyson,2023). Being careful about taking on debt helps people borrow judiciously and pay back on time, which
lowers the risk of getting into too much debt. However, if someone is complacent regarding borrowing, they
may rely too much on credit and end up with financial stress.
According to Campbell & Campbell (2021), Garai-Fodor (2023) and Sinnewe & Nicholson (2023), people who
have a frugal attitude towards money tend to be more cautious with how they spend. They focus on buying what
they genuinely require rather than what they simply want, which helps them develop better money habits. In
contrast, those who are more impatient with spending often buy things on impulse and spend too much, which
can lead to financial difficulties (Kappes, Gladstone & Hershfield, 2021; Kumar et al., 2021; Tanveer, Kazmi
& Rahman, 2022).
Risk- takers according to Ryan (2021); Jadav & Shah, (2024); Umamaheswari, Anand & Nithya, (2022, May),
prefer to invest in things like stocks, real estate, or other opportunities that offer higher returns, which can help
them amass wealth. On the other hand, risk-averse people often choose safer options like savings accounts
(Temmer, 2023; Uifalean, 2024). While these are more secure, they tend to generate lower returns and may
curtail the possibilities for the growth of a person’s finances over time (Aftab, Fazal & Andleeb, 2025; Bernhofer,
Costantini & Kovacic, 2023; Gomes, Haliassos & Ramadorai, 2021; Tyson, 2023; Waghchaure & Chawale,
2024).
Having a long-term attitude toward money encourages people to undertake worthwhile steps like planning for
retirement, saving for education, and setting up emergency funds. In contrast, those with a short-term attitude
often give preference to satisfying immediate wants and may tend to overlook important long-term financial
goals (Morris, Kamano & Maillet, 2023; Siegfried & Wuttke, 2021). This study addresses the next hypothesis.
H3: Financial attitude has a positive impact on financial behaviour
Conceptual Framework for the Study
Key Components:
1. Independent variables: Different elements of Financial Literacy
Financial skills comprise the practical abilities required to manage personal finances, formulate budgets, and
make informed financial decisions.
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Financial knowledge means knowing how taxes work, what investments are, what interest rates are, and what
inflation is.
Financial attitude: concerns about your convictions and principles toward finance, including the significance of
saving, investing, and paying off debt.
2. The dependent variable is financial Behavior
Financial Behaviour: Your decisions and habits around saving, spending, investing, and managing debt are
influenced by your financial literacy.
Conceptual relationships
Financial Literacy (Independent Variables):
This section consists of three components that work together to enrich the financial literacy of the clergy. Each
factor influences the others, offering a comprehensive understanding of how clergy manage their finances.
Financial Behaviour (Dependent Variable):
This section illustrates the activities arising from differing levels of financial literacy. Individuals with advanced
financial understanding are expected to engage in more effective financial decisions, such as increasing savings,
repaying debts on time, and making prudent investment choices.
RESEARCH METHODOLOGY
Research Philosophy
The choice of appropriate methodologies for this study was shaped by the principles of positivism.
Research Design
The study employed a research strategy incorporating surveys and a quantitative approach to examine the
correlations among variables and evaluate the hypotheses.
Study and target population
The population for this research consisted of 94 clergy from the twelve archdeaconries of Mukono diocese -
Church of the Province of Uganda.
Population, Sampling, and Data Collection Study Population
Population of the Study
Mukono Diocese, a diocese of the Church of Uganda, located in the central area, is divided into 12
archdeaconries. The research was conducted in these twelve archdeaconries encompassing a total population of
123 clergy.
Financial skills
Financial Knowledge
Financial Attitude
Financial Behavior
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Sampling
This study used deliberate sampling to characterize the sample for the research under consideration. Individuals
were chosen for the sample based on their knowledge, contacts, and research skills using this technique (Frey,
2000). This study used a non-probability purposive sampling strategy to assist the researcher in selecting
participants who active participation in church financial management and related with the phenomenon under
investigation. The goal of this technique was to achieve the analysis's objectives while also addressing research
inquiries.
Sampling techniques and sample size
The sample was obtained through a purposive sampling procedure that considered particular characteristics.
Based on their roles as clergy, were selected as respondents for this study. These persons were directly involved
in resource management, financial planning, church fund oversight, contribution management, and assuring the
diocese's financial sustainability.
Sample Size Justification
The sample size decision is tested using Yamane’s formula as follows:
n = N / (1 + N * e²)
Where:
n = the required sample size
N = the total population size
e = the desired margin of error (expressed as a decimal)
n=123/ 1+123(0.05^2)
=123/1+123(0.0025)
=123/1+0.3075
=123/1.3075
n≈94
The total number of clergy to be selected from each archdeaconry is determined using stratified sampling with
the following rule. n =Total Sample size = 94 N = Population size = 123
n = N / (1 + N * e²)
To allocate the 94 respondents across the 12 archdeaconries proportionally, use:
Sample for a unit (Population of unit /Total Population) ×Total Sample Size
Table 1. Sample size
Sn.
Archdeaconry
Population
Sample size
1
Lutikko
12
9
2
Kangulumira
6
5
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3
Nakibizzi
4
3
4
Ngogwe
15
11
5
Ndeeba
8
6
6
BBaale
7
5
7
Lugazi
12
9
8
Bukoba
14
11
9
Seeta
18
15
10
Nasuuti
13
10
11
Mpumu
7
5
12
Kasawo
7
5
Total
123
94
It thus decided to include a total of 94 clergy in the study.
Types of data, sources, and collection instruments
The data were collected through fieldwork, which entailed visiting the subjects of the study in the archdeaconries
and distributing a questionnaire. Participants filled out a questionnaire that comprised a range of inquiries. The
questionnaires were disseminated to participants from April to December 2024. The survey consisted of five
distinct sections: demographic information, financial skills, financial knowledge, financial attitude, and financial
behaviour.
Determinants of variables
Respondents were probed about financial skills, which covered aspects such as creating and maintaining a
personal budget, tracking expenses regularly to ensure they are within income limits, calculating loan interest
and repayment schedules, managing and paying off debts in a timely manner, conducting regular reviews of their
financial situation, and making necessary adjustments.
Moreover, the respondents were also inquired about their knowledge regarding setting financial goals and their
ability to make prudent financial decisions without needing external assistance. Comfort with comparing
different investment opportunities (such as savings accounts, bonds, stocks). Possession of skills to manage
church finances effectively (such as budgeting, allocation of resources).
Financial knowledge comprises making informed decisions about earning, saving, spending, investing, debt
management, financial planning, understanding taxes, ethical decision making, risk management, negotiation,
financial analysis, and borrowing money.
Financial attitude, respondents were questioned about financial awareness and the information about diverse
investment possibilities, spending priorities, capacity to manage financial undertakings, saving priorities,
knowledge of financial products, understanding the role of agents,
Finally, items were selected to assess the clergy’s financial behaviour: keeping track of financial status, paying
bills on time, minimising reliance on loans, creating strategies for strategic financial needs, discerning before
purchasing, removing waste, and keeping records of all financial matters.
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Data analysis
This study employed IBM SPSS V.20 Statistics software for data analysis. descriptive statistics, assessments of
data quality and assumptions, and hypothesis testing were used to analyze questionnaire data. The purpose of
the data quality assessment was to establish the questionnaire's validity and reliability (Sharma, 2022; Mellinger
& Hanson, 2020). The program assisted in the creation of tables displaying the study findings. To analyze the
impact of financial knowledge, financial skills, and financial attitude on the financial behaviour of the clergy
within the Church of Uganda context, the research employed percentages, correlation, and regression analysis.
RESULTS AND FINDINGS
Research results
Many analyses were thoroughly evaluated and described with the supporting tables. The responses to the
questions, accompanied by an analysis and a discussion, are:
Reliability
Table 2: Reliability Test Results
Construct
Cronbach’s Alpha
Values
Number of Items
Financial skills
0.916
12
Financial knowledge
0.878
9
Financial Attitude
0.935
15
Financial Behaviour
0.902
10
The reliability test shows that Cronbach’s alpha range from 0.878 to 0.935. These results show values over 0.7.
These results indicate that the study questionnaire is reliable.
Table 3: Gender
Frequency
Percent
Valid Percent
Cumulative Percent
Valid
Male
86
91.5
91.5
91.5
Female
8
8.5
8.5
100.0
Total
94
100.0
100.0
Ninety-four clergy from Mukono diocese took part in this research work. Eighty-six respondents, represented
by 91.5% were male, with the remaining eight represented by (8.5%) being female.
Table 4: Level of Education
Frequency
Percent
Valid Percent
Cumulative
Percent
Valid
Certificate
5
5.3
5.3
5.3
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Diploma
32
34.0
34.0
39.4
Bachelor's Degree
47
50.0
50.0
89.4
Master's Degree
9
9.6
9.6
98.9
Doctorate
1
1.1
1.1
100.0
Total
94
100.0
100.0
According to the table above, the respondents' educational backgrounds range from a certificate to doctoral
degree. The data highlight that 5.3% of the respondents hold a certificate, 34% hold a diploma, 50% hold a
bachelor’s degree, 9% hold a master’s degree, and 1% hold a doctorate.
While the majority hold diplomas, there’s a substantial representation of individuals with degrees. This proposes
a higher level of literacy among respondents, but may not reflect the financial literacy level of the respondents.
Mean and standard deviation for Financial Behaviour
The variable financial behaviours were measured through several constructs that reflect the practical actions
individuals take in managing their finances. The first construct, saving and future preparedness behaviours,
includes regularly saving income for emergencies and contributing to a retirement plan. The second construct,
debt and payment discipline, involves consistently paying bills and loan obligations on time and avoiding
borrowing unless necessary. The third construct, budgeting and financial tracking behaviours, is shown by
regularly reviewing one's financial situation, adjusting the budget, and setting monthly financial goals while
tracking progress. The fourth construct, spending control and frugality, includes living within one’s means and
avoiding unnecessary spending, as well as resisting unplanned purchases. However, the last item may represent
a negative behaviour. The fifth construct, financial decision-making behaviour, is represented by seeking
financial advice when making significant decisions and feeling confident about being on track to meet long-term
financial goals. Together, these constructs capture a comprehensive range of behaviours that reflect responsible
and goal-oriented financial conduct.
Table 5 shows that most respondents regularly saved part of their income for future needs or emergencies, with
a maximum mean score of 4.50 and a standard deviation of 0.503. This was followed by respondents living
within their means and avoiding unnecessary spending (mean score of 3.94, standard deviation 0.745), having a
retirement plan and contributing to it regularly (mean score of 3.94, standard deviation 1.035), and seeking
financial advice when making major decisions (mean score of 3.94, standard deviation 1.035).
The study also found that participants felt they were on track to meet their long-term financial goals (mean score
of 3.83, standard deviation 1.074), paid their bills and loan obligations on time (mean score of 3.83, standard
deviation 1.074), and regularly reviewed and adjusted their budgets (mean score of 3.83, standard deviation
1.074).
Avoiding borrowing unless necessary and setting monthly financial goals were both rated moderately, with mean
scores of 3.67 and standard deviations of 1.315, showing greater variation in these behaviours. Making
unplanned purchases even when unaffordable also scored high (mean score of 3.93, standard deviation 1.029),
suggesting a tendency toward impulsive financial decisions despite general financial discipline.
With a mean score of 3.90 and a standard deviation of 1.06, the overall findings indicate that most participants
exhibit relatively good financial behaviour, although some inconsistencies, such as impulse spending and
irregular goal setting, suggest areas for improvement.
Table 5: Mean and standard deviation for Financial Behaviour
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Mean
Std.
Deviation
I consistently save a part of my earnings for future needs or emergencies.
4.50
0.503
I always pay my bills and loan obligations on time.
3.83
1.074
I evade borrowing money unless it is absolutely indispensable.
3.67
1.315
I regularly review my financial situation and adjust my budget accordingly.
3.83
1.074
I have established a retirement plan, and I contribute to it regularly.
3.94
1.035
I live within my means and avoid spending money on unnecessary items.
3.94
0.745
I seek financial advice when making significant financial choices.
3.94
1.035
I feel that I am progressing well towards meeting my long-term financial
objectives.
3.83
1.074
I set monthly financial goals and track my progress.
3.67
1.315
I make unplanned purchases even when I know I can't afford them.
3.93
1.029
Overall
3.9
1.06
Mean and standard deviation for Financial Skills
The variable financial skills were evaluated through several constructs that reflect an individual's ability to
manage both personal and institutional finances effectively. The first construct, personal budgeting and expense
management skills, encompasses the ability to create and stick to a personal budget, as well as to regularly
monitor expenses to ensure they align with income.
The second skill construct was managing debt and loans. It comprises calculating loan interest, understanding
repayment plans, and pay off loans without extra help. The third skill construct was, financial goal-setting, and
flexible spending. Which refers to being able to adjust your spending when money situations change and creating
realistic goals to work towards. The fourth skill construct was, saving and financial preparedness. It includes
planning and saving for future needs like retirement, and having emergency treasuries.
The fifth skill construct was, assessing financial risks and making decisions. It is about understanding possible
risks and making smart choices based on that knowledge. The sixth and final skills construct was, managing
church finances, involves skills like creating and following a church budget, wisely using church resources to
support ministry goals, and keeping proper financial records for accountability.
Table 6 shows that the most high rated financial skill among the respondents was their ability to regulate their
spending when their financial conditions changes. This skill had an average score of 4.43 with a standard
deviation of 0.755, which means most people felt confident in handling financial variations.
Other highly rated skills included the capability to calculate loan interest, understand repayment schedules, and
evaluate loan options, plan for unexpected costs, and manage church resources well. These skills all had average
scores of 3.94, with standard deviations between 0.745 and 1.035, showing that many respondents were also
confident in these important areas of financial management
Similarly, respondents demonstrated strong competence in assessing financial risks, tracking expenses, and
saving for future needs, each with mean scores above 3.90. The study also found that participants reported
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moderate skills in managing and repaying debts and preparing and managing a church budget, both with a mean
of 3.83 and a standard deviation of 1.074, indicating more variability in these areas.
The lowest average scores, each at 3.67, were recorded in three areas: setting realistic financial goals,
understanding basic financial reporting, and creating and sticking to a personal budget. These areas also
exhibited the highest standard deviation (1.315), suggesting these are the areas where respondents felt less
confident and more inconsistent in practice.
With a mean score of 3.92 and a standard deviation of 1.05, the overall results show a generally high level of
financial skill possessed by the participants. This suggests that most respondents are confident in their capability
to manage both personal and institutional financial matters, although some variation exists in individual
responses.
Table 6: Mean and standard deviation for Financial Skills
Mean
Std. Deviation
I can create and stick to a personal budget that meets my
financial goals.
3.67
1.315
I track and examine my spending on a regular basis to verify
that they are in line with my income.
3.93
1.029
I am able to calculate loan interest, understand repayment
schedules, and evaluate loan options.
3.94
0.745
I can manage and repay personal debts on time without
external pressure.
3.83
1.074
I have the skills to adjust my spending when financial
circumstances change.
4.43
0.755
I understand how to develop reasonable short- and long-term
financial goals.
3.67
1.315
I am able to plan and save for future needs, such as retirement
or children’s education.
3.93
1.029
I can plan for unexpected expenses by maintaining an
emergency fund or reserve.
3.94
0.745
I can assess financial risks and make decisions accordingly.
3.94
1.035
I am skilled in preparing and managing a church budget.
3.83
1.074
I can allocate church resources effectively to meet ministry
priorities.
3.94
1.035
I understand basic financial reporting for accountability in
church finances.
3.67
1.315
Overall
3.92
1.05
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Mean and standard deviation for Financial Knowledge
Financial knowledge was assessed through various constructs that represent distinct aspects of an individual's
appreciation of financial concepts and instruments.
The first construct of financial knowledge is understanding interest and inflation. This means knowing how
interest rates affect savings and loans, and how inflation can reduce the value of money over time. The second
element is knowledge about debt and taxes. It includes the ability to differentiate between good and bad debt, as
well as understanding how personal taxes work, including ways to reduce tax burdens. The third construct
focuses on planning for retirement and investments. This involves knowing about retirement savings options and
how diversification helps reduce risk. The fourth area is risk management. This includes knowing how to protect
yourself financially through measures like insurance and setting aside emergency savings.
The fifth element, financial products and reporting literacy, encompasses knowledge of financial instruments
and products, including; debt, stock, mutual funds and pension schemes, as well as the ability to read and analyse
fundamental financial reports, including income statements and balance sheets. These constructs collectively
provide a comprehensive assessment of respondents' financial acumen, merging fundamental principles with
practical financial management skills.
Table 7 indicates that most of respondents claimed proficiency in adjusting their expenditures in response to
changes in financial conditions, achieving a maximum mean score of 4.43 with a standard deviation of 0.755.
This was followed by the ability to assess financial risks and make decisions (mean score 3.94, standard deviation
1.035), calculate loan interest and evaluate loan options (mean score 3.94, standard deviation 0.745), plan for
unexpected expenses (mean score 3.94, standard deviation 0.745), and effectively assign church resources to
meet ministry priorities (mean score 3.94, standard deviation 1.035).
The study also found that respondents were able to plan and save for future needs such as retirement or children’s
education (mean score 3.93, standard deviation 1.029) and regularly tracked their expenses to ensure alignment
with their income (mean score 3.93, standard deviation 1.029).
Moderate scores were observed in managing and repaying personal debts without external pressure and preparing
and managing church budgets (mean score 3.83, standard deviation 1.074), as well as creating and sticking to a
personal budget (mean score 3.67, standard deviation 1.315), setting realistic financial goals (mean score 3.67,
standard deviation 1.315), and understanding basic financial reporting for church accountability (mean score
3.67, standard deviation 1.315). These areas showed greater variation in individual responses.
With a mean score of 3.92 and a standard deviation of 1.05, the overall findings, indicate that the majority of
respondents possess good financial management skills, both personally and in managing church finances,
although some aspects such as budgeting, financial reporting, and goal setting require improvement.
Table 7: Mean and standard deviation for Financial Knowledge
Mean
Std.
Deviation
I understand how interest rates affect both loans and savings.
3.94
1.035
I am knowledgeable about how inflation impacts my purchasing power and
savings.
3.83
1.074
I can distinguish between good debt and bad debt.
3.94
1.035
I understand the tax obligations related to my income and how to reduce
unnecessary tax burdens.
3.67
1.315
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I am familiar with the importance of saving for retirement and the available
retirement saving plans.
3.93
1.029
I know the benefits of diversifying investments to reduce financial risk.
3.94
0.745
I understand how to manage financial risks using tools like insurance and
emergency savings.
3.94
1.035
I am familiar with different financial tools and products such as insurance,
mutual funds, and pension schemes.
4.50
0.503
I can read and interpret basic financial reports including; income and
expenditure statements or balance sheets.
3.83
1.074
Overall
3.96
1.01
Mean and standard deviation for Financial Attitude
The variable financial attitude was measured using five main constructs reflected in the questionnaire items. The
first construct, saving and long-term planning attitude, captures beliefs about the importance of saving income,
planning for the future, and the anxiety associated with lacking a financial plan. The second construct, financial
responsibility and discipline, reflects self-control in spending, living within one’s means, valuing financial
security over material possessions, and deriving satisfaction and confidence from sound financial decisions. The
third construct, motivation and financial self-improvement, is represented by one’s drive to enhance financial
management skills. The fourth construct, social and service-oriented financial perspective, emphasizes the role
of financial independence in enabling service to others without becoming a burden. Lastly, the construct of faith-
based financial stewardship highlights the belief that managing finances both personal and church-related is a
spiritual duty, with accountability to God, a commitment to transparency, and a recognition of the moral
implications of mismanaging church resources. These constructs collectively define the respondents’ financial
attitudes from both practical and theological perspectives
Table 8: Statistics on Financial Attitude
Table 8 statistics show that most respondents strongly believed in the significance of financial transparency and
accountability, with the highest mean scores of 3.94 seen across multiple items. These included the belief that
living within one’s means is a sign of self-discipline and responsibility (standard deviation 1.035), planning for
long-term financial goals is essential (standard deviation 0.745), valuing financial security over material
possessions (standard deviation 1.035), feeling anxious when lacking a financial plan (standard deviation 0.745),
viewing financial transparency as Christian witness (standard deviation 0.745), and believing that God holds
individuals accountable for how they manage both personal and ministry resources (standard deviation 1.035).
The study also found high agreement with attitudes reflecting motivation and moral conviction in financial
matters, such as believing that mismanaging church funds is a breach of spiritual trust (mean 3.93, standard
deviation 1.029), being motivated to improve financial management skills (mean 3.93, standard deviation 1.029),
and believing in overcoming financial difficulties through wise planning (mean 3.93, standard deviation 1.029).
Moderate agreement was seen in attitudes relating to personal confidence and satisfaction, such as feeling
confident in making sound financial decisions and feeling satisfied upon meeting financial goals, both with mean
scores of 3.67 and standard deviations of 1.315. Similar variability was noted in feeling a strong responsibility
to manage church finances with integrity (mean 3.67, standard deviation 1.315).
The overall results, indicate a mean score of 3.92 and a standard deviation of 1.06, suggest that respondents
generally held a positive financial attitude, marked by a strong sense of responsibility, discipline, and faith-based
accountability in both personal and church financial matters. However, the variation in responses indicates that
confidence and satisfaction in financial decision-making may need to be strengthened.
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Table 8: Mean and standard deviation for Financial Attitude
Mean
Std. Deviation
I believe it is important to save part of my income, even when
other needs arise.
3.83
1.074
I believe living within my means is a sign of self-discipline and
responsibility.
3.94
1.035
I believe planning for long-term financial goals is essential.
3.94
0.745
I value financial security more than acquiring material
possessions.
3.94
1.035
I believe financial independence helps me better serve others
without being a burden.
3.83
1.074
I have confident in my ability to make sound financial choices.
3.67
1.315
I am motivated to improve my financial management skills.
3.93
1.029
I feel satisfied when I meet my financial goals.
3.67
1.315
I believe I can overcome financial difficulties through wise
planning and discipline.
3.93
1.029
I feel anxious when I don’t have a financial plan.
3.94
0.745
I believe financial stewardship is part of my calling as a clergy
member.
3.83
1.074
I feel a strong sense of responsibility to manage church finances
with integrity.
3.67
1.315
I believe mismanaging church funds is a breach of spiritual
trust.
3.93
1.029
I see personal and institutional financial transparency as a form
of Christian witness.
3.94
0.745
I believe that God holds me accountable for how I manage both
personal and ministry resources.
3.94
1.035
Overall
3.92
1.06
Correlation analysis
Table 9: Correlation analysis
Financial
Skills
Financial
Knowledge
Financial
Attitude
Financial
Behaviour
Financial Skills
1
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Financial Knowledge
.965
**
1
Financial Attitude
.997
**
.982
**
1
Financial Behaviour
.981
**
.979
**
.985
**
1
**. Correlation is significant at the 0.01 level (2-tailed).
The statistical results, indicate that the correlation values between the variables vary between 0.965 and 0.997.
In the meanwhile, Financial Skills is essential to, Financial Knowledge, and Financial Attitude. However,
Financial Knowledge and Financial Attitude have mutual significance. Regarding the association between
Financial Skills, Financial Attitude dimension and financial behaviour, the findings reveal a substantial
relationship between Financial Skills, and Financial Attitude.
Nonetheless, this investigation revealed a statistically substantial correlation between Financial Skills and
Financial behaviour, suggesting that the clergy's Financial Skills in Mukono affect financial behaviour. This
conclusion aligns with prior research by Dwiastanti, 2015; Dewi et al., 2020; Phillipas, 2022; Rai, Dua & Yadav,
2019), which show that Financial Skills might have a good relationship with the Financial behaviour system. H1
is supported.
Moreover, this study discovered a significant correlation between Financial Knowledge and the financial
behaviour results of diocesan clergy. So H2 is supported since there is a good correlation between financial
knowledge possessed by the clergy and their financial behaviour. This follows (Aristei & Gallo, 2021; Banthia
& Dey, 2022; Lind et al., 2020) findings, which concur that increased financial knowledge leads to an increase
in financial behaviour.
The investigation found a strong favorable link between Financial Attitude and the financial behaviour of
diocesan clergy. This is also aligns with the findings of (Sabri & Rahim, 2020), who claimed that Financial
Attitude might change person’s Financial behaviour. So the notion that there is a positive relationship between
Financial Attitude and Financial behaviour is confirmed.
Regression analysis
The hypotheses in this study were rigorously examined through regression analysis, with the findings presented
in Tables 10 -12 below.
Model Summary
Table 10 in the following section summarises the regression model examining the correlation between financial
behaviour and the predictor variables: Financial Skills, Financial Knowledge, and Financial Attitude. In line
with the results, perhaps the R-coefficient stands at 0.989, suggesting a strong positive correlations between the
predictor variable and the financial behaviour of clergy in Mukono diocese.
The R-value indicates a robust statistical correlation between the variables. The R-Square value of 0.978 suggests
that the independent variables account for 97.8% of the variation in the dependent variable (financial behaviour),
which is explained by the combined effects of financial Skills, attitude, and knowledge, with the remaining
0.32% accounted for by the error term. This indicates a strong explanatory power. This finding shows that 98.9%
of the clergy's financial behaviour can be accounted for by their financial skills, financial knowledge, and
financial attitude, all other things being equal.
Table 10 Model Summary
Model
R
R Square
Adjusted R
Square
Std. Error of the
Estimate
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1
.989
a
.978
.977
.11612
a. Predictors: (Constant), Financial Attitude, Financial Knowledge, Financial Skills
The Anova
The Anova findings indicate that the regression model is significant for the data, as evidenced by the Anova (F-
statistic) value of 1305.805 and corresponding value of 0.00. Both values demonstrated statistical significance
at the 5% level. The findings indicate that the model is statistically significant; hence, the financial Skills,
financial knowledge, and financial attitude strongly contribute to positive financial behaviour of the clergy.
Table 11: ANOVA
Model
Sum of
Squares
df
Mean
Square
F
Sig.
1
Regression
52.823
3
17.608
1305.805
.000
b
Residual
1.214
90
.013
Total
54.036
93
a. Dependent Variable: Financial Behaviour
b. Predictors: (Constant), Financial Attitude, Financial Knowledge, Financial Skills
Multiple regression analysis
The researcher conducted the technique of multiple regression analysis to examine the effect of the independent
factors (financial skills, financial knowledge, and financial attitudes) on the financial behaviour of the clergy.
The results are presented in the table below.
Table 12: Multi-regression
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
B
Std. Error
Beta
1
(Constant)
-.076
.075
-1.024
.309
Financial Skills
.210
.222
.210
.944
.347
Financial Knowledge
.431
.083
.405
5.171
.000
Financial Attitude
.380
.262
.381
1.449
.151
a. Dependent Variable: Financial Behaviour
Multiple regression analysis and Coefficient
The model
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Y = B0+ B1X1+ B2X2+ B3X3+ E is used. Whereby:
Y = dependent variable (Financial behaviour)
Bo = Regression’s constant
Bi = (i= 0, 1, 2, 3…n) = regression coefficients for each dependent variable
X1= Financial skills
X2= Financial Knowledge,
X3 = Financial Attitude
E= the model error variable
Assumption:
The multiple regression model is based on the notion that the dependent variable’s value is normally distributed
for each independent variable and that the variances for the dependent variable are consistent across all the
independent variables.
Substituting in the equation
Y= 0.76 + 0.21x1 + 0.43x2 + 0.38x3
According to the outcomes of the multiple regression equation, each variables explains that:
The results of the regression equation, the constant value of 0.76, and negative signs mean the financial skills
(X1). Financial Knowledge (X2), and Financial Attitude (X3) are considered constant hence the value of
financial behaviour among the clergy.
The regression coefficient for financial skills is 0.21 and has a positive sign, implying that each rise in the value
of financial skills will enhance the value of clergy financial behaviour by 0.21, providing other free variables
remain constant. If the variable of financial skills has a favorable relationship with financial behaviour of clergy.
As a result, H1 is promoted, and financial skills have a connection to good financial behaviour.
The regression coefficient of financial Knowledge is 0.43 and has a positive sign, meaning that each raise in the
value of financial knowledge will raise the value of financial behaviour of clergy by 0.43 assuming other free
variables are constant. If the variable of financial skills has a positive relationship with financial behaviour of
clergy. As a result, H2 is confirmed and financial knowledge positively correlates to the financial behaviour of
clergy.
The regression coefficient of financial attitude is 0.38 and carries a positive sign, meaning that each increase in
the value of financial attitude will raise the value of financial behaviour of clergy by 0.38 assuming other free
variables are unchanged. If the variable of financial attitude has a significant correlation with financial behaviour
of clergy. As a result, H3 is encouraged and financial attitude is linked to the financial behaviour of clergy.
These findings suggest that in this context while financial skills and attitudes may play a role, financial
knowledge is the most critical determinant of financial behavior. The results underscore the significance of
enhancing financial literacy through targeted training programs to foster better financial behaviour among clergy.
DISCUSSION
This study examined the impact of financial skills, financial knowledge, and financial attitude on financial
behaviour among clergy. The regression analysis produced a highly significant model that explained 97.8% of
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the variance in financial behaviour (R² = .978, F (3, 90) = 1305.805, p < .001). This indicates that the selected
predictors jointly offer a strong explanatory framework for understanding financial behaviour in this context.
The effect of financial skills on financial behaviour
The first hypothesis was that there is a positive relationship between financial skills and financial behaviour.
Table 12 presents the multiple regression analysis results; financial skills did not show a statistically significant
influence on financial behaviour (B = 0.210, β = 0.210, p = 0.347). The low t-value (0.944) and high p-value
indicate that the effect of financial skills is weak in this model. The mere possession of financial skills does not
automatically result into positive financial behavior without the backing of acceptable knowledge.This result
may suggest that while respondents believe they possess financial skills, these do not necessarily lead to
consistent or improved financial behaviours. Alternatively, it may point to a gap between perceived competence
and real-life application. However, these findings are not in line with earlier studies, such as by Cuandra &
Anjela, 2021; Dewi, 2020; Lind et al., 2020), which reported a strong positive correlation between financial
skills and financial behaviour.
The Effect of financial knowledge on financial behaviour
The second hypothesis suggested a positive relationship between financial knowledge and financial behaviour.
Table 12 displays the coefficient (B) of financial knowledge at 0.431, with a corresponding p-value of 0.001.
The research findings support the hypothesis since the p-value is below 0.005. The conclusions of the hypothesis
testing affirm that financial knowledge significantly has a substantial impact on financial behaviour. This finding
suggests that individuals who have greater knowledge about financial principles such as budgeting, saving, loan
management, and investment tend to engage in sound financial behaviours. This finding aligns with earlier
research conducted by Banthia, 2022; Indarto & Santoso, 2021; Ingale & Paluri, 2022; Kadoya, 2020; Siswanti,
2020), all of whom have shown the impact of financial knowledge on financial behaviour.
The Effect of financial attitude on financial behaviour
The third hypothesis posits a positive correlation between financial attitudes and financial behaviour. Table 12
presents the multiple regression analysis results; indicating a negative correlation between financial attitude and
financial behavior of the clergy (B = 0.380, β = 0.381), but it did not reach statistical significance at the 0.05
level (p = 0.151). The results suggest that mere possession of financial attitude does not automatically result into
positive financial behavior without the backing of tolerable knowledge. These findings are not in line with earlier
studies, such as by (Dewi, 2020; Kadoya & Khan, 2020; Siswanti & Halida, 2020), which reported a strong
positive relationship between financial attitudes and financial behaviour.
CONCLUSION
This study discovered that financial knowledge is the most significant predictor of financial behaviour among
clergy. While financial skills and attitudes are important components, they do not predict financial behavoir
without standard knowledge. The finding emphasize that clergy financial decisions are based on what they know
rather than what they feel or are able to do technically. This finding emphasizes the essential need of investing
in robust financial literacy programs designed explicitly to the needs of clergy- cognitive acquisition of financial
knowledge.
Given the clergy’s dual responsibility of managing both personal and church resources, enhancing their financial
knowledge not only supports personal financial well-being but also promotes transparency, stewardship, and
accountability in institutional financial management. Future research could explore the potential moderating or
mediating roles of attitude and skill and examine whether tailored financial training interventions lead to
sustained behavioural change.
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RECOMMENDATION
The study suggests financial knowledge as a major predictor of financial behaviour among clergy, leading to the
following recommendations:
1. Establish structured financial literacy training programs for clergy. Church organizations, theological colleges,
and diocesan leaders should design and deliver comprehensive financial education workshops and seminars.
These programs should cover savings, budgeting, retirement planning, debt management, investment strategies,
and analyzing financial reports.
2. Integrate financial literacy into the training and development of clergy. Financial management education
should be included in the curricula of theological schools, equipping future clergy with essential financial skills
before they take on pastoral and administrative roles.
3. Provide tailored educational resources: Training materials should reflect the specific financial responsibilities
of clergy, including the management of church funds, accountability systems, and the biblical principles related
to financial stewardship.
4. Encourage dioceses to create mentorship structures: Pairing less financially literate clergy with experienced
and financially savvy mentors can reinforce practical financial knowledge and foster a culture of responsible
financial behaviour.
5. Monitor and evaluate the influence of training on financial behaviour: Dioceses and church institutions should
establish mechanisms to assess the clergy’s financial knowledge and behavior. The feedback derived from these
evaluations can inform the design of appropriate interventions and follow-up trainings.
Focusing on financial knowledge as a critical factor in improving financial behaviour, church institutions can
promote financial happiness, enhance stewardship, and uphold integrity in both personal and church financial
management.
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